Equity release the way to keep your home

03 December 2004

Britons loathed to leave their homes, finds Norwich Union.

At least one in four Britons over 55 would not leave their home at any price, Norwich Union has found.

But the insurer points out that while a home may be a consumer's dearest possession, it is also likely to be their most valuable asset - making equity release a good way to stay in your home and access some of its value.

70 per cent of homeowners over 55 claim to have a strong emotional attachment to their home and this, coupled with the emotional costs of moving, makes downgrading to a smaller house difficult for many older people.

"Our homes are not just filled with memories; they are also often our biggest asset," said Mark Kelly, of Norwich Union equity release.

"With house prices in the UK at record levels, older people who are living longer and wanting to enjoy a more fulfilling retirement may be looking to their houses as a source of income.

"Taking out an equity release plan can help homeowners to realise both the capital locked in their property and the dream of staying in their own home.